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Title: ECB Head Christine Lagarde Calls For Global Regulation of “Reprehensible” Bitcoin
Source: Summit News
URL Source: https://summit.news/2021/01/13/ecb- ... tion-of-reprehensible-bitcoin/
Published: Jan 14, 2021
Author: Paul Joseph Watson
Post Date: 2021-01-14 10:43:11 by Esso
Keywords: None
Views: 139
Comments: 18

“Bitcoin has conducted some funny business.”

Head of the European Central Bank Christine Lagarde has called for global regulations on Bitcoin, labeling the cryptocurrency “reprehensible.”

Lagarde made the comments during a Reuters Next conference earlier today, during which she asserted that Bitcoin was not a currency.

“When you look at the most recent developments upward, and now the recent downward trend … for those who have assumed that it might turn into a currency, terribly sorry but this is an asset and it is a highly speculative asset,” she said.

#Bitcoin ‘has conducted some funny business and some interesting and totally reprehensible money laundering activity,' @ECB President Christine Lagarde said at the #ReutersNext conference https://reut.rs/2LLb5GK

The former head of the IMF, who was previously found guilty of financial negligence by a French court over a €403 million arbitration deal in favor of businessman Bernard Tapie, went on to accuse Bitcoin of being heavily embroiled in criminal activity.

“(Bitcoin) has conducted some funny business and some interesting and totally reprehensible money laundering activity,” said Lagarde.

The ECB head went on to call for Bitcoin to be regulated by financial authorities.

“There has to be regulation. This has to be applied and agreed upon […] at a global level because if there is an escape that escape will be used,” she said.

Globalists and technocrats have long begrudged Bitcoin because it is decentralized and therefore impossible to come under the control of centralized financial institutions. The cryptocurrency has also provided a refuge for dissidents who have been deplatformed by regular financial services and institutions over their politics.

Bitcoin recently soared to a record high above $41,000 dollars but has since fallen back to around $35,000 dollars.

After the cryptocurrency previously hit a record high of above $17,000 dollars at the end of 2017 it then sank bank to around $3,000, emphasizing the wild volatility of the asset.

However, numerous analysts are predicting that growing debt, record money printing and hyperinflation could see Bitcoin soar into the hundreds of thousands over the next year.

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#1. To: All (#0) (Edited)

@ZH

www.zerohedge.com/crypto/...-calls-global-regulation- reprehensible-bitcoin

(Edit) Christine Lagarde would be a really nice looking gal if she wasn't so Gawd-awful, butt-ugly and evil.

The light that burns twice as bright, burns half as long. - Dr. Eldon Tyrell

Godfrey Smith: Mike, I wouldn't worry. Prosperity is just around the corner.
Mike Flaherty: Yeah, it's been there a long time. I wish I knew which corner.
My Man Godfrey (1936)

Esso  posted on  2021-01-14   10:47:10 ET  Reply   Trace   Private Reply  


#2. To: Esso (#0)

... if there is an escape, that escape will be used ...

Errrm. That’s kind of the whole point of Bitcoin.

"It does not take a majority to prevail, but rather an irate, tireless minority, keen on setting brush fires of freedom in the minds of men." -- Samuel Adams (1722-1803)‡

"Resistance to tyrants is obedience to God." -- Thomas Jefferson

ghostdogtxn  posted on  2021-01-14   10:56:53 ET  Reply   Trace   Private Reply  


#3. To: Esso (#0)

There numbers are off. The recent high was 42,000, and it fell to about 31,500. Now it's trending back up at about 38k. Er, checking it just now it's at 39.7k.

The previous high low was just shy of 20k and it did fall to a low of 3.5k around March of 2020, in part due to the strength of the dollar as everyone was selling stock (increasing demand for dollars and therefore increasing the value) when the lockdowns began.

Pinguinite  posted on  2021-01-14   11:05:02 ET  Reply   Trace   Private Reply  


#4. To: Esso (#0)

Globalists and technocrats have long begrudged Bitcoin because it is decentralized and therefore impossible to come under the control of centralized financial institutions.

Key word: "control".

The cryptocurrency has also provided a refuge for dissidents who have been deplatformed by regular financial services and institutions over their politics.

Key word: "politics".

When most cryptos took that 20% dive, the privacy cryptos that shield wallets from public view spiked up. That was about the time Twitter was purging and Parler got the ax. These privacy cryptos (Monero, Zcash and I think Dash is one also) were threatened with delisting on exchanges because they are private.

I agree the crypto's charm is that it ain't printable. The free market cryptos, at least, like bitcoin. They only come into existence through mining that is not relegated to any central authority. Some cryptos are centralized, and those crypto coins can be created and destroyed by the issuing power at will.

Pinguinite  posted on  2021-01-14   11:11:42 ET  Reply   Trace   Private Reply  


#5. To: Pinguinite (#3)

The previous high low was just shy of 20k and it did fall to a low of 3.5k around March of 2020...

Not sure that my heart could stand that roller coaster. Wow, what a ride.

“The most dangerous man to any government is the man who is able to think things out... without regard to the prevailing superstitions and taboos. Almost inevitably he comes to the conclusion that the government he lives under is dishonest, insane, intolerable.” ~ H. L. Mencken

Lod  posted on  2021-01-14   11:17:26 ET  Reply   Trace   Private Reply  


#6. To: ghostdogtxn, Pinguinite, 4um (#2)

That’s kind of the whole point of Bitcoin.

That's one of the reasons I'm looking at it, I think my primary reason is the likelihood of severe inflation. I'm not sure how BTC will react in that environment. Equities do pretty well (in my experience) and cash is trash. I'm not so sure that Au and Ag will do so well given the manipulation of the PM market.

I'm not really looking forward to going back to financial kindergarten, but I guess I'll have to.

OK, Pin, I haven't had to dip into the Tums yet today, what was the all-time low of BTC?

0.01% at Chase isn't gettin' it, I was hoping for another deal at the CU, but none are forthcoming.

There's the eggs/basket thing to consider also.

The light that burns twice as bright, burns half as long. - Dr. Eldon Tyrell

Godfrey Smith: Mike, I wouldn't worry. Prosperity is just around the corner.
Mike Flaherty: Yeah, it's been there a long time. I wish I knew which corner.
My Man Godfrey (1936)

Esso  posted on  2021-01-14   11:35:22 ET  Reply   Trace   Private Reply  


#7. To: Lod (#5)

Not sure that my heart could stand that roller coaster. Wow, what a ride.

It's not much of a roller coaster when it take 2.25 years to make the run.

But to compare swings in crypto to stocks is errant, really, I think. All you do is scale the amount of money you put in to the volatility. If you have 10k to put in stocks expecting a 5% swing to be huge, and crypto swings by 25%, then all you do to get the same risk is put 2k into crypto and you get it. 25% of 2k is 500. 5% of 10k is also 500.

There need not be any leveraging, and there shouldn't with crypto, and without leveraging you only lose everything if it goes to zero, and crypto ain't going to zero. It's here to stay and to sit is cash when the US and feds are pumping new cash into the economy ain't smart in my view.

Crypto won't die. The last time I paid cash for bitcoin the price was around 4k. I correctly identified the bottom then and am a happy camper now. Before that I bought it regularly in the mid 6k range, but wasn't much concerned at all when it dropped to 4k.

Pinguinite  posted on  2021-01-14   11:39:57 ET  Reply   Trace   Private Reply  


#8. To: Esso (#6)

OK, Pin, I haven't had to dip into the Tums yet today, what was the all-time low of BTC?

The all-time low of BTC? That's funny.

It's said sometime back in 2010, the first official purchase was made with bitcoin. It was for 2 pizzas. The cost was 10,000 bitcoin. I think that might qualify as the all time low.

Bitcoin has had about 5-6 substantial swings up and down, with each swing up going multiple times higher than the previous high. The last cycle ranged from 3.5k to 20k and we're on a leg up right now. How high up it could go before the next leg down is a question. The factors on this cycle are institutional acceptance coming on line, both with bitcoin directly and in central banks racing to compete with it by their issuing their own centrally controlled tokens (a glorified version of what they do now with dollars), and the other factor, being of course, the mass printing of cash due to covid lockdowns and an enormous economic slump. What I'm kinda predicting is for Iran to announce their accepting bitcoin for oil introducing the petro-crypto for the first time, which will make all cryptos spike up substantially. At least if the US doesn't invade as they did Iraq but the USA can't afford to invade any more countries given the 27 trilion debt that today's news says will be expanded another 2T with Biden.

So 50K is easy money, I think, and 100K could well be in reach on this leg up. The current spike up from 20k has been steep though, so pull backs are expected periodically, including the one we just had down to 30.5k. And of course that's considered a low in spite of the fact that Bitcoin breached 30k for the first time less than 2 weeks ago on Jan 2.

Final note: Bitcoin is the very first coin and for that reason it's king holding about 70% of the total crypto market share. But because it was first, it's also about the most archaic. On a technical level, it's not a very good crypto. It's a bi-plane compared to the P-51s that exist in other cryptos that have had the benefit of improving on bitcoin in hindsight. Things that make bitcoin unattractive is the cost of transactions which fluctuate but are now at about $10 each. It's also slow taking maybe an hour for xfers to be certain they aer permanent, and the average rate of transactions is about 7/second which cannot hold a candle to Visa & mastercand that do some 20,000/second. So bitcoin is, right now at least, useles sfor retail, point of sale use such as at the grocery store.

But other cryptos have solved these issues. Most all other cryptos have xfer fees in the pennies or even fractions of a penny and are completed much faster. One is almost free and instantaneous and the creator brags it can easily handle more transactions per sec than visa & mastercard. However, it's not a free-market crypto being instead centrally issued.

Anyway, all that is to say that buying other cryptos one might do better than with bitcoin in the long run. I can sees bitcoin falling out of favor to others and Ethereum is very possible as it's #2, right behind BTC in market cap, and it's recently been revised to "2.0" with improvements. Litecoin is another contender, very popular which is #4 or #5. Both Ethereum and litecoin are still below their all time highs in spite of BTC being at 2x its 3-year all time high of 20k, so that's another reason to consider it having more upside potential in the coming 3-12 months.

Pinguinite  posted on  2021-01-14   12:05:24 ET  Reply   Trace   Private Reply  


#9. To: Pinguinite, Lod, 4um (#8)

The all-time low of BTC? That's funny.

I did a little pokin' around. I'm assuming what I'm looking at is split-adjusted (if BTC splits). Rounded.

2011-2016 $5-900. 180 fold increase +18,000%.

2017 $900-17,000 19X +1,800%.

2018 $17,000-3,800 4.5X decrease -78%.

2019 $3,800-7,300 1.9X +90%

2020 $7,300-32,000 4.4X +340%

2121 to date $32.000-40,600 (high) +25%.

2011-2021 $5-40,600. 8,120X +800,000%

OK, so $1,000 invested at the start of 2011 now equals about eight million dollars today. And I thought it was going to be a lot. Where's those Tums?

I'd say that qualifies as a roller coaster, albeit mostly an uphill one except for 2018. It rolled down all year. I wonder what was going on then?

I probably ought to look into this further. I suppose my hesitancy stems from the unknown nature of it to me.

The light that burns twice as bright, burns half as long. - Dr. Eldon Tyrell

Godfrey Smith: Mike, I wouldn't worry. Prosperity is just around the corner.
Mike Flaherty: Yeah, it's been there a long time. I wish I knew which corner.
My Man Godfrey (1936)

Esso  posted on  2021-01-14   13:14:10 ET  Reply   Trace   Private Reply  


#10. To: Esso (#9)

OK, so $1,000 invested at the start of 2011 now equals about eight million dollars today. And I thought it was going to be a lot. Where's those Tums?

Without getting scientifically accurate, yes it's something on that magnitude, give or take a few zeros.

I'd say that qualifies as a roller coaster, albeit mostly an uphill one except for 2018. It rolled down all year. I wonder what was going on then?

It took 3 years for BTC from hitting the all time high of just under 20k in Dec 2017 until it broke 20k last month. I was on that roller coaster as I owned crypto at that time. I was thinking it was going to the moon then only to be disappointed. It dropped back to about 6K and sat there for about a year. I don't remember what the cause may have been. Maybe under Trump the economy was doing better and that made people happy with stocks and such. (Yet another reason to impeach the evil Trump!)

And come to think of it, this latest bull run began when? Right at the beginning of November!

I probably ought to look into this further. I suppose my hesitancy stems from the unknown nature of it to me.

Here's a good vid by Mike Maloney. It's a good intro to crypto and is entertaining. It explains well how blockchain technology works, and it should be clear after you're done that crypto money is safe and cannot be stolen or lost so long as the private key is kept safe. An asteroid could take out half the planet (either half) and as long as some computer, somewhere on the planet, or on Mars is still operating the blockchain, then your crypto is safe.

It's a 75 min flick, but goes by quickly. I think you'll like the guy though you probably already have seen him around.

Pinguinite  posted on  2021-01-14   13:32:56 ET  Reply   Trace   Private Reply  


#11. To: Esso, all (#9) (Edited)

except for 2018

This article is over a year old, but it gives some insight as to how Bitcoin operates in relation to other markets and things going on worldwide with money and finances. ;)

Will China Take Bitcoin To $20,000?

"When bad men combine, the good must associate; else they will fall, one by one." Edmund Burke

BTP Holdings  posted on  2021-01-14   13:34:48 ET  Reply   Trace   Private Reply  


#12. To: Pinguinite (#10)

In the vid, one guy thinks Euclid was Sicilian, but Euclid was actually from Alexandria, Egypt (323–283 BC). This was during the reign of Ptolomy I. That is some darn ancient history. ;)

"When bad men combine, the good must associate; else they will fall, one by one." Edmund Burke

BTP Holdings  posted on  2021-01-14   14:05:21 ET  Reply   Trace   Private Reply  


#13. To: Pinguinite, 4um (#10)

Without getting scientifically accurate, yes it's something on that magnitude, give or take a few zeros.

Assuming the data I was looking at was accurate, I should be pretty darn close without making a career out of it. Close enough for hand grenades anyway. Yes, there was some successive approximation, dead reckoning and Kentucky windage involved.

I was trying to get a handle on the scale of the gain/loss of it. I'm not normally accustomed to numbers like that. Of course, as the price approaches $infinity, the return (ROI) will certainly diminish, but I suppose that depends on what percentage of total world currency BTC occupies.

It was a bit more rewarding than beating the dead-horse election nonsense.

I'll look at the vid when I go to bed tonight. I know a guy here who has been using BTC so I've got some local expertise at least. I really think I need to diversify somehow, and BTC seems to be about the best game in town at this point.

The light that burns twice as bright, burns half as long. - Dr. Eldon Tyrell

Godfrey Smith: Mike, I wouldn't worry. Prosperity is just around the corner.
Mike Flaherty: Yeah, it's been there a long time. I wish I knew which corner.
My Man Godfrey (1936)

Esso  posted on  2021-01-14   14:12:18 ET  Reply   Trace   Private Reply  


#14. To: All (#13)

Good Heavens. Here's another reason I suppose...

The light that burns twice as bright, burns half as long. - Dr. Eldon Tyrell

Godfrey Smith: Mike, I wouldn't worry. Prosperity is just around the corner.
Mike Flaherty: Yeah, it's been there a long time. I wish I knew which corner.
My Man Godfrey (1936)

Esso  posted on  2021-01-14   14:29:33 ET  Reply   Trace   Private Reply  


#15. To: Esso (#13)

I really think I need to diversify somehow, and BTC seems to be about the best game in town at this point.

Just remember bitcoin is rather archaic compared to more advanced cryptos that don't have anywhere near the market share. The market share is the number of coins in existence X the price of each. The better utility value of the newer coins will give those coins a long term advantage over bitcoin, but that could be a *very* long term advantage. The US dollar is far more archaic than bitcoin is but still regarded far more highly than bitcoin is. It shows the power of name recognition.

Also, Bitcoin is now at about 2x the high it held for 3 years until last month. Ethereum is #2 right now and is still about 15% below it's all time high for the same period. Litecoin is at about 1/2 of its all time high. So that is a reason to expect less resistance for these alternates to move higher than Bitcoin will have. All 3 of these are reputable, but there are others too. Monero is a crypto that has better privacy built in and it spiked up the other day while the others were droping 20%. I suspect that was fallout over all the issues of internet privacy that came up with the Twitter and FB purge.

You can get any combo of cryptos you want, and modern wallets can store all different types side by side.

Pinguinite  posted on  2021-01-14   16:08:50 ET  Reply   Trace   Private Reply  


#16. To: Pinguinite (#15)

Please keep the coin info flowing, and thanks.

“The most dangerous man to any government is the man who is able to think things out... without regard to the prevailing superstitions and taboos. Almost inevitably he comes to the conclusion that the government he lives under is dishonest, insane, intolerable.” ~ H. L. Mencken

Lod  posted on  2021-01-14   18:25:40 ET  Reply   Trace   Private Reply  


#17. To: Lod, Pinguinite (#16)

Please keep the coin info flowing, and thanks.

Yes! I second that motion and add my thanks for the fascinating and useful info.

StraitGate  posted on  2021-01-15   0:33:58 ET  Reply   Trace   Private Reply  


#18. To: StraitGate, Lod (#17)

Yes! I second that motion and add my thanks for the fascinating and useful info.

Sure thing! I've had my head in it for maybe 4 years now or longer. If you're on whatsapp I've got a small group there I keep informed periodically and would be happy to add you.

Maybe I'll need to migrate it to Telegram, but it's on WA right now.

Pinguinite  posted on  2021-01-15   1:34:44 ET  Reply   Trace   Private Reply  


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